Volume of Bitcoin Deposits Rises despite BTC Correction

Bitcoin (BTC) whales are transferring large amounts of coins to exchanges in tandem with massive outflows, new statistics show.

According to the trade whale ratio indicator from on-chain analytics firm CryptoQuant, giant transactions have accounted for over 90% of recent trade deposits.

Top 10 deposits make up 90% of change inflows

In a marked exchange from preceding behavior, over the previous week, whales have turned out to be a great deal of extra energetic prospective sellers on exchanges.

The trade whale ratio, which measures how large the top 10 deposits to exchanges are relative to all deposits, is sounding the alarm.

“Whales are depositing BTC to exchanges,” CryptoQuant CEO Ki Young Ju summarized.

“$BTC Exchange Whale Ratio(72h MA) reached 91%. This indicates the pinnacle 10 deposits take 91% of the savings volume throughout all exchanges in the hourly time frame.”

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The facts provide a fascinating counterpoint to the cutting-edge narrative involving whales, massive wallets have been shopping for for the duration of the recent downturn, whilst on Tuesday, bid degrees among whales improved on exchange Bitfinex from $50,000 to around $54,000.

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BTC charge spikes maintain coming (and going)

Bitcoin saw volatile spikes Tuesday in what would correlate with surprising large-volume movements on exchanges.

The phenomenon has played out numerous times over the past week, every time seeing a surprising burst in BTC fee action that then dissipates at foremost resistance levels.

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Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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